Leadership Change At Maltapost

30 May 2002

Transend Worldwide Ltd, a subsidiary of New Zealand Post and Maltapost plc have announced that Maltapost CEO Bob Macgregor is to leave the company from 31 May.

The announcement was made Wednesday in Malta (early Thursday morning New Zealand time).

Acting Managing Director of Transend, John Allen, said Mr Macgregor had successfully made operational improvements in the business and had overseen the development of the of Maltapost’s five year business plan.

"With the long-term business plan substantively completed, the focus will now shift to implementation of the plan and revenue growth.

“The decision to seek a new CEO with a greater emphasis on innovation and business development has been taken at an early stage and with the interests of Maltapost uppermost in mind.

“The Board and Shareholders of Maltapost thank Mr Macgregor for his efforts in Malta and wish him well for the future.”

The decision to seek a new CEO was made by the Board of Maltapost with the support of shareholders Malta Government Investments and Transend. Mr Macgregor began work as CEO of Maltapost on February 1st after being selected by Transend and confirmed by the Board of Maltapost.

NOTES

Maltapost media release attached

ENDS

Leadership change at Maltapost

Maltapost plc and Transend Worldwide Limited announced today that Maltapost CEO Mr Bob Macgregor is to leave the company from 31 May.

Mr Frank Dimech, Chairman of Maltapost, said that with the business case subtantively completed, the focus would now change to business development and revenue growth.

The decision was made by the Board of MaltaPost with the support of both shareholders.

Mr Frank Dimech, Chairman, Maltapost will take over the interim running of the company until the appointment of a new CEO.

“Mr Macgregor had successfully made operational improvements in the business and has overseen the development of the long term business plan, said Mr Dimech.

“We are now looking for a change of leadership to manage the implementation of the plan and take the business forward. Maltapost remains confident in its working relationship with Transend and we will work together to appoint a new CEO.”

Notes to editors:

Transend has a 35 percent shareholding in Maltapost. Malta Government Investments holds the remaining 65 percent share.

For further information contact:

Frank Dimech
Maltapost plc

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